Twelve pro bono stock picks from Australia’s top fund managers
October 12, 2022 — 5.01am
Wilson Asset Management – Oscar Oberg
Stock 1: AMP (ASX: AMP)
The new management team has successfully divested its funds management business (AMP Capital) over the past 12 months and restructured the group. Conservatively has $1.1 billion of excess capital that will be returned to shareholders over the next 18 months through a combination of capital returns and a share buyback which compares to AMP’s current market capitalisation of A$3.8 billion.
A share price of $1.18 a share is at a 10 to 15 per cent discount to AMP’s estimated net tangible asset backing of between $1.3 to $1.4 a share post receipt of asset sales. Execution of management’s strategy can drive a re-rating of AMP’s divisions closer to peers beyond net tangible assets and achieve a target share price closer to $2 a share.
Twelve pro bono stock picks from Australia’s top fund managers (smh.com.au)
Influential Fund Manager backs AMP turnaround, page-18
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